Potential homebuyers who want to buy bargain-priced foreclosed homes for sale in California are finding themselves being squeezed out of the deal by cash-laden buyers. The low supply of houses for sale in the area has sparked a bidding war that often is won by investors bearing cash.
Homeowners in Bakersfield complained that lenders are too slow in issuing loan modification. More residences in the area have been sold at Sheriff Sales after owners failed to get their loans modified.
A workshop sponsored by the Federal Home Loan Bank of San Francisco will be held to educate first time residential buyers about issues such as foreclosures and bankruptcy houses for sale.
Strategic defaults are among the major factors driving bank foreclosed homes in Fresno. Home prices in Fresno have fallen sharply to levels where buying has become a much cheaper option than renting.
The large volume of home and condo foreclosures is not entirely a bad thing. It has increased the percentage of California households which can afford a home.
Based on the latest statistics released by First American CoreLogic, the number of Long Beach foreclosed homes declined for the first week of April 2010. The decrease in the number of foreclosures is seen as a positive sign for the housing market in the coming months.
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